Strathfield Group major shareholder accused of misleading conduct

SYDNEY: Strathfield Group announced yesterday that Anthony Hakim, director of Clear Communications (Eurast) AB, acquired over 1.5 billion ordinary shares and a 58 per cent voting power in the company. But both Hakim and Clear Communications are awaiting a Federal Court hearing.

On 12 December last year, Strathfield Group announced that it had bought the Clear Equipment Group Pty Limited after shareholders apparently voted overwhelmingly in favour of the purchase.

However, just two months before that acquisition, Clear Communications (Eurast) AB and its director, Anthony Hakim, were among a group of 28 parties, including telecommunications companies and their related companies, finance companies and individuals to be accused by the ACCC (Australian Competition and Consumer Commission) of exclusive dealing (third line forcing) and misleading and deceptive conduct.

At the time of the Clear Equipment Group transaction, the then Strathfield chairman, John Fries, told Current.com.au that the purchase was “a huge new step effectively it doubles our size but even more importantly it gives us a stability of income and cash flow”.

The Clear Equipment Group purchase was referred to as a reverse takeover, which means that a private company (in this case Clear Communications) acquired the controlling stake of a public company (ie Strathfield Group).

The ACCC action against Clear Communications and Hakim has not yet been heard by the Federal Court, according to an ACCC spokesperson.